Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Acquired by Harvest Fund Management Co. Ltd

Key Points

• Harvest Fund Management Co. Ltd increased its stake in Automatic Data Processing by 10.8%, now holding 30,896 shares valued at approximately $9.44 million.
• Automatic Data Processing reported a Q1 EPS of $3.06, surpassing analysts' expectations of $2.97, with revenues reaching $5.55 billion.
• Institutional investors own 80.03% of Automatic Data Processing's stock, indicating strong institutional interest in the company.

Harvest Fund Management Co. Ltd boosted its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 10.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,896 shares of the business services provider's stock after purchasing an additional 3,008 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Automatic Data Processing were worth $9,438,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Banque Cantonale Vaudoise acquired a new stake in Automatic Data Processing during the 1st quarter worth approximately $4,953,000. Geneos Wealth Management Inc. lifted its holdings in shares of Automatic Data Processing by 77.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 20,283 shares of the business services provider's stock valued at $6,197,000 after buying an additional 8,823 shares during the period. N.E.W. Advisory Services LLC acquired a new stake in shares of Automatic Data Processing in the 1st quarter valued at approximately $92,000. Meeder Advisory Services Inc. lifted its holdings in shares of Automatic Data Processing by 5.1% in the 1st quarter. Meeder Advisory Services Inc. now owns 12,920 shares of the business services provider's stock valued at $3,948,000 after buying an additional 631 shares during the period. Finally, JSF Financial LLC acquired a new stake in shares of Automatic Data Processing in the 1st quarter valued at approximately $870,000. Hedge funds and other institutional investors own 80.03% of the company's stock.

Automatic Data Processing Price Performance

Automatic Data Processing stock traded down $9.06 during mid-day trading on Friday, hitting $300.44. 1,791,558 shares of the company were exchanged, compared to its average volume of 1,761,767. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.05 and a quick ratio of 1.02. The business's 50 day simple moving average is $310.70 and its two-hundred day simple moving average is $305.12. The company has a market capitalization of $121.95 billion, a P/E ratio of 30.10, a PEG ratio of 2.85 and a beta of 0.76. Automatic Data Processing, Inc. has a 12-month low of $256.47 and a 12-month high of $329.93.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The business services provider reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.03. The company had revenue of $5.13 billion during the quarter, compared to the consensus estimate of $5.05 billion. Automatic Data Processing had a return on equity of 72.84% and a net margin of 19.84%. Automatic Data Processing's revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.09 earnings per share. Analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Stifel Nicolaus raised their price target on Automatic Data Processing from $305.00 to $318.00 and gave the company a "hold" rating in a report on Thursday. BMO Capital Markets raised Automatic Data Processing to a "hold" rating and set a $340.00 price target for the company in a report on Thursday, July 10th. Morgan Stanley raised their price target on Automatic Data Processing from $310.00 to $311.00 and gave the company an "equal weight" rating in a report on Thursday. TD Securities raised their price target on Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a report on Wednesday, May 21st. Finally, Mizuho raised their price target on Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a report on Friday, June 13th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $310.69.

Automatic Data Processing Profile

Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.